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Life of a Limited Liability Partnership
Registered office
LLP records
Annual return
Accounting reference dates
Accounting records
Accounts for the members
Accounts for Companies House
Small LLP accounts
Medium -sized LLP accounts
Dormant LLP accounts
Charges and mortgages, LLPs registered in England and Wales or in Northern Ireland
Charges and mortgages, LLPs registered in Scotland
Quality of documents
Further information

Accounts for the members

1. Who is responsible for preparing accounts?

The members of every LLP must prepare accounts for each of its financial years. These are individual accounts. A parent LLP must also prepare group accounts (but for parent LLPs defined as small this is optional). Chapter 9 contains more information on small LLPs.

2. What does a set of accounts include?

Generally, accounts must include:

a profit and loss account;
a balance sheet signed by a designated member;
notes to the accounts; and
group accounts (if appropriate).
And accounts must be accompanied by an auditor’s report (unless the LLP is exempt from audit).

3. What period must the accounts cover?

An LLP’s first accounts cover the period starting on the date of incorporation, not the first day of trading. They end on the accounting reference date, or up to 7 days either side of that date.

Subsequent accounts start on the day after the previous accounts ended and finish on the accounting reference date, or up to 7 days either side of it. We explain accounting reference dates and how to change them in chapter 5.

4. Who must be sent a copy of the accounts?

Every LLP must send a copy of its annual accounts and auditor’s report (where applicable) for each financial year to:

every member of the LLP; and
every holder of the LLP's debentures.
The LLP must also send the accounts to Companies House. Further information on this is in Chapter 8.

5. Can an LLP agree to use a website as a means of showing the members the accounts?

Yes. Members may agree internally that an LLP may send or supply documents, including accounts, by publishing them on their website.

6. Who can approve and sign accounts?

The LLP members must approve the accounts and have them signed on their behalf by a designated member. The signature must be on the balance sheet, and any statement about the accounts being prepared under the small LLPs regime must appear above the signature.

If the LLP has to attach an auditor’s report to the accounts, the report must state the auditor’s name.

Where the auditor is a firm, the auditor’s report must state the name of the auditor and the name of the person who signed it as senior statutory auditor on behalf of the firm.

Please note: Companies House cannot accept a typewritten name as a signature on accounts.

7. Are there any exemptions from stating the auditor’s name on the auditor’s report or special auditor’s report?

Yes. More details are in question 6 of Chapter 12 on Auditors.